Unions opposed the move to privatize two public sector banks

Banking operations were paralyzed at public sector banks (PSBs) in the old undivided Khammam district on Monday, the first day of a two-day strike launched by employees due to the loyalty of the constituent unions of the United Forum of Bank Unions (UFBU). .

The UFBU has called for a two-day nationwide strike on Monday and Tuesday to protest against the central government’s proposal to privatize the two PSBs. Employees of various PSBs staged dharna and rallies in Khammam, Kothagudem and many other parts of the erstwhile Composite Khammam district. In Khammam, the Bank employees, who owe allegiance to the Union Bank Award Employees Union, staged a sit-in with the placards. The placards read, “Bank privatization means less agricultural and MSME loans” and “Bank privatization means more orientation of banks.”

Employees of Regional Rural Banks (Grameen Banks) staged a sit-in in front of the Rural Development Bank branch in the city of Vaira, owing allegiance to UFRRBU and AIRRBEA.

Addressing the dharna, the speakers rejected the Centre’s proposal to privatize PSBs, saying the “damaging move” would deprive farmers, women self-help groups and people of rural loans, subsidized and interest-free loans. State-owned lenders are playing a key role in promoting financial inclusion and improving access to banking services in rural areas, alleging that “profit-driven” private banks will serve the interests of large corporates.

He considered that the move to privatization would lead to excessive interest on loans, conversion of permanent jobs into contract jobs, and lack of proper protection for people’s hard-earned savings.

Telangana Rayathu Sangham district president B Rambabu, CITU leaders S Sudhakar, T Nageswara Rao and others expressed their solidarity towards the bank employees’ movement.